Governor to offer five $100K grants to spur Opportunity Zone investment

New York /
Mar.March 19, 2019 01:53 PM

New Jersey Gov. Phil Murphy and Anthony Foxx, a former U.S. secretary of transportation, discussed the prospects and expectations of the much-hyped federal Opportunity Zone program at the Choose New Jersey Opportunity Zone Summit last week in New Brunswick, as noted by ROI-NJ. According to InsiderNJ, Murphy spoke about the Garden State’s Economic Development Authority, the state’s Division of Community Affairs and plans by the state’s Redevelopment Authority to develop initiatives to facilitate Opportunity Zone investment. Altogether, New Jersey has identified 75 municipalities with a combined 169 sites eligible for Opportunity Zone incentives, at least half of which are located in the northern part of the state, as noted by The Real Deal in its recent Tri-State issue. Murphy said his administration will hand out five $100,000 grants to the municipalities that best create and showcase a successful strategy for Opportunity Zone investments. The Real Deal reported earlier this month on U.S. Housing and Urban Development Secretary Ben Carson stating his preference that certain grants be given to developments that include affordable housing. On March 19, Ron Beit, founding partner and CEO of Newark-based developer RBH Group, said that he would launch an investment fund that will partner with Opportunity Zone funds to build housing for teachers and undertake “other social impact-related projects” in cities across the country. Beit has been a supporter of the Opportunity Zone program, which was passed as part of the late 2017 federal tax overhaul. [ROI-NJ]


Related Articles

arrow_forward_ios
Gov. Phil Murphy (Getty, iStock)
Garden State seeks to go green, enables C-PACE
Garden State seeks to go green, enables C-PACE
American Dream Mall (Getty)
NJ Transit eyes new service to American Dream mall
NJ Transit eyes new service to American Dream mall
83 North Woodland Street in Englewood, NJ Michelle Paid Group (Signature Realty/Michelle Pais Group)
Once asking $39M, NJ estate finally sells for 88% discount
Once asking $39M, NJ estate finally sells for 88% discount
MPG managing partner James Ashley Johnston and Reuten Associates managing partner Mike Reuten with a rendering of 231 and 239 Herbert Avenue in Closter, NJ (MPG, Reuten Associates)
200-unit luxury senior housing complex coming to Bergen County office park
200-unit luxury senior housing complex coming to Bergen County office park
New Jersey Governor Phil Murphy  (Getty)
Landlord group asks NJ Supreme Court to reverse security deposit ruling
Landlord group asks NJ Supreme Court to reverse security deposit ruling
Nicole “Snooki” Polizzi and her New Jersey beach house (Getty, Monmouth Ocean Regional Realtors/Realtor)
Gym, tan, flip: Snooki sells NJ beach house
Gym, tan, flip: Snooki sells NJ beach house
Gov. Phil Murphy (Getty)
NJ’s new rent relief law also ends eviction ban earlier for some
NJ’s new rent relief law also ends eviction ban earlier for some
American Dream Mall (Getty)
American Dream mall drains reserves to make payment on $290M debt
American Dream mall drains reserves to make payment on $290M debt
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...